I was curious if an individual is able to purchase the option to get a CD at a particular rate in the future? Or alternatively defer the purchase of a CD and lock in the existing rate.
I've never heard of any kind of option in the US that provides you with the ability to lock in the current rate for a CD to be opened at a future date. If such a thing exists, perhaps someone else will chime in.
Some banks offer adjustable rate CDs (ARC) which give you the opportunity to request a one-time adjustment at a later date should rates rise. The first problem is that these ARCs tend to offer somewhat lower initial rates. A potential problem is that if rates rise "X" percent and your bank doesn't raise the ARC's rate "X" percent then you're getting screwed on the far end as well.